{"id":392856,"date":"2026-04-11T06:22:16","date_gmt":"2026-04-11T06:22:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/392856\/"},"modified":"2026-04-11T06:22:16","modified_gmt":"2026-04-11T06:22:16","slug":"kenmare-resources-paid-former-md-e109000-in-consulting-fees-even-as-he-launched-takeover-bid-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/392856\/","title":{"rendered":"Kenmare Resources paid former MD \u20ac109,000 in consulting fees even as he launched takeover bid \u2013 The Irish Times"},"content":{"rendered":"

Kenmare Resources<\/a> paid former managing director Michael Carvill<\/a> almost \u20ac109,000 in consulting fees last year, even as he was trying to put together a takeover bid for the mining company he founded in 1986 and ran until 2024. <\/p>\n

The Irish-headquartered group disclosed last year that Carvill, who retired from the business in August 2024, was treated as a \u201cgood leaver\u201d, receiving a $2.64 million (\u20ac2.32 million) package.<\/p>\n

Kenmare retained the former executive as a consultant to advise on the negotiation of the renewal of a royalties agreement with the government of Mozambique relating to Kenmare\u2019s Moma titanium mine. <\/p>\n

On Friday, in its 2025 annual report, Kenmare said it paid a Carvill-controlled company, Zephyr Consulting Ltd, \u20ac108,880 last year for that work, comprising a monthly fee of \u20ac27,220. <\/p>\n

Carvill was also entitled to a \u201ccompletion fee\u201d of 100 per cent of the consultancy payments made to him in 2024 if agreement with the Mozambique government had been renewed by the end of 2024, according to the annual report. <\/p>\n

The completion fee, however, \u201cdid not become payable\u201d, the company\u2019s remuneration committee noted in the report, because the royalties agreement was not renewed. <\/p>\n

Carvill also received shares in the group with a total value of \u00a3300,000 (\u20ac344,580), based on the vesting of a 2023 restricted stock award, according to the report.<\/p>\n

Carvill\u2019s consultancy arrangements terminated in April 2025, one month after Kenmare confirmed it had received a takeover bid from a consortium led by the former managing director. <\/p>\n

In Friday\u2019s annual report, Kenmare\u2019s board said the offer was \u201cunsolicited and non-binding\u201d and added that \u201cat no point did the consortium make a firm offer for the company\u201d.<\/p>\n

\u201cWe were encouraged by shareholders\u2019 strong support for the board\u2019s rejection of the consortium\u2019s revised proposal and appreciate their patience and endorsement of the company\u2019s long-term value proposition,\u201d they said. <\/p>\n

Kenmare said earlier this month that it may have no choice but to bring international arbitration proceedings against Mozambique after tax authorities there sought to \u201cunilaterally\u201d impose a new regime on royalties and VAT on the titanium miner\u2019s processing and exporting activities in the country.<\/p>\n

Carvill\u2019s successor as managing director, Tom Hickey<\/a>, was paid a total of almost \u00a31.29 million last year, the report discloses.<\/p>\n

This represented a slight increase from \u00a31.25 million the previous year and included bonus payments of \u00a3294,000 and a restricted share award with a total value of \u00a3272,000.<\/p>\n

Kenmare\u2019s remuneration committee said that Hickey\u2019s bonus, which was down from \u00a3336,000 in 2024, was calculated at 45 per cent of the maximum total, based on the achievement of certain performance-related targets.<\/p>\n

While the bonus award is payable in cash, the committee noted that Hickey has requested that his net bonus be directed towards the purchase of the company\u2019s shares.<\/p>\n

Overall, Kenmare spent \u00a372.8 million on pay, including directors\u2019 pay, last year, up 5 per cent from 2024.<\/p>\n

In late March, the group said it was laying off 15 per cent of staff working at the Moma mine and suspending its final dividend as its gross profit plunged 79 per cent amid a slump in shipments and prices of its titanium minerals.<\/p>\n

The Dublin-based group swung into a net loss of $325 million (\u20ac280 million) last year, driven by a $301.3 million impairment charge taken against its Moma assets as it lowered its long-term revenue assumptions amid uncertainty over pricing. <\/p>\n","protected":false},"excerpt":{"rendered":"Kenmare Resources paid former managing director Michael Carvill almost \u20ac109,000 in consulting fees last year, even as he…\n","protected":false},"author":2,"featured_media":392857,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,5781,173990,107294],"class_list":{"0":"post-392856","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ie","10":"tag-ireland","11":"tag-kenmare-resources","12":"tag-michael-carvill","13":"tag-tom-hickey"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/392856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=392856"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/392856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/392857"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=392856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=392856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=392856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}